Cuomo announces North Country business loan fund
ALBANY – Select North Country businesses can apply for up to $300,000 in loans from the state to expand their facilities under a new loan fund, Gov. Andrew Cuomo announced Thursday.
New York has set aside $10 million for the North Country Economic Development Fund. The funding is provided through a long-term power contract between the New York Power Authority and Alcoa, which has an aluminum plant in Massena.
The fund is available to manufacturers, agribusiness, clean and green biotechnology, assemblers and wholesale distributors and warehouses for the purpose of acquisition of land, building construction and rehabilitation, and for the purchase of machinery or equipment. Funding is also available for business improvement districts and nonprofits eligible to apply for community revitalization projects. Retail and market applicants may also be eligible, but must meet special criteria in order to be considered for a loan.
“This fund will give local businesses access to the capital they need to invest in land, equipment and technology that will enable them to remain competitive in the 21st century,” Cuomo said in a press release. “Supporting these efforts will in turn will help strengthen the region’s economy and create jobs in the North Country.”
The Development Authority of the North Country will jointly administer the loan fund with NYPA. Applications will be accepted from businesses in St. Lawrence, Clinton, Franklin, Essex, Jefferson, Lewis, Hamilton and Herkimer counties.
For every $25,000 loaned from the fund, at least one job must be created or retained. Businesses are eligible to apply for loans of up to 30 percent of the planned project cost, with the ceiling for the loans set at $300,000. Businesses interested in applying for funding can visit DANC’s website, www.danc.org.